Geothermal Tax Credits for Fort Wayne Residents

Looking for significant savings on the installation of that geothermal heating and cooling system you’ve always fancied? Well, this could be your opportunity!

The Bipartisan Budget Act of 2018, ratified in February 2018, reinstates the Residential Energy Efficient Property Credit for fuel cells, small wind systems … and geothermal heat pumps. Pertaining to the latter:

  • This credit applies from now through December 31, 2021.
  • It pays back 30% of approved expenditures for systems placed in service between now and December 31, 2019.
  • A progressive step-down in credit value is set up for each year thereafter, so if you’re anxious to get the initial 30% credit, you’ll have to move right away.
  • Retrofit systems are judged “placed in service” when they’re totally installed and ready for use.
  • Systems for newly constru|ere]36]cted or newly renovated homes are accounted “placed in service” at the time you, the homeowner, take occupancy of the home.
  • The home does not have to be your principal place of residence.
  • Your geothermal heat pump must meet federal ENERGY STAR recommendations.
  • To get the Residential Energy Efficient Property Credit, you’ll have to complete and file IRS Form 5695.

For more specifics, read our blog.

While it’s certainly true that we at J. O. Mory Inc would be thrilled to see you get a geothermal heating and cooling system for your Fort Wayne home, we cannot legally support any financial strategy for doing so. We can, however, recommend that you speak with a local tax professional. He or she can counsel you on how best to capitalize on geothermal tax credits given your unique financial situation.

If you want to learn more about what other energy-related tax incentives might apply to you at the federal, state, and local levels, look at dsireusa.org. This is a one-of-a-kind resource that’ll give you state-by-state intelligence on untold numbers of policies and incentives encouraging  renewable energy and energy efficiency.

And bear in mind: When you’ve made up your mind to install a geothermal heating and cooling system in your home, head on over to the Fort Wayne geothermal specialists at J. O. Mory Inc. We’ll get the job done right – to help you start saving both energy and money right from the start.